Member Info for komakino

Some of Accugas's customers are government‑owned or government‑backed GenCos.

Eg.

Calabar Generation Company (Calabar GenCo): A major Accugas customer, owned by Niger Delta Power Holding Company (NDPHC), a government entity under the Federal Ministry of Power.

Accugas also supplies gas to several National Integrated Power Project (NIPP) stations, many of which are government‑owned or managed through NDPHC (e.g. Ibom Power, though partially private).

Nigerian Bulk Electricity Trading Plc (NBET), a government corporation, acts as intermediary/guarantor for payments to GenCos, and thus indirectly to gas suppliers like Accugas when GenCos can't pay.

So there is a strong tie-in between the govt.and Accugas. Calabar is it's biggest customer so hopefully payments to Calabar will filter through to Savannah.

Gas suppliers (Accugas) are mentioned specifically in the Power Gen bond prospectus but I've not seen any direct reference to them so far regarding payments.

Hopefully we'll get some sort of an update soon from Save clarifying things.

Looking ahead, Series 2 of the programme is scheduled for launch by early March 2026, initially planned at N640 billion but now expected to be resized to N730 billion (~491 million USD) due to available non-cash allocation.

https://guardian.ng/news/five-gencos-sign-debt-settlement-agreements-with-nbet/

Https://guardian.ng/featured/fg-issues-n501b-inaugural-power-sector-bond-to-clear-gencos-debts/

Federal Government of Nigeria has issued a N501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100 per cent subscription from pension funds, banks, asset managers, and other investors, marking a significant step towards resolving legacy debts, restoring liquidity, and strengthening confidence in the Nigerian Electricity Supply Industry (NESI).

The programme, championed by President Bola Ahmed Tinubu, is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets, and discouraged investment across the power sector value chain.

The signing follows the successful completion of Series 1 Power Sector Bond Issuance by NBET Finance Company Plc. The Series 1 issuance closed at N501 billion, comprising N300 billion raised from the capital markets and N201 billion in bonds allotted to participating power generation companies, reflecting strong investor confidence in the reform agenda.

Under the programme, verified receivables for electricity supplied between February 2015 and March 2025 are being settled through negotiated agreements with power generation companies. To date, five power generation companies representing fourteen power plants nationwide – First Independent Power Limited (FIPL), Geregu Power Plc, Ibom Power Company Limited, Mabon Limited, and Niger Delta Power Holding Company Limited (NDPHC) – have executed Settlement Agreements with the Nigerian Bulk Electricity Trading Plc (NBET).The total negotiated settlement amount for these companies stands at N827.16 billion, to be paid in four phased instalments.

Proceeds from the Series 1 issuance will fund the first and second instalment payments to participating power generation companies with signed Settlement Agreements, estimated at N421.42 billion, representing approximately 50 per cent of the total negotiated settlement amount. Payments for this initial phase will be made through a mix of cash and notes.

Speaking at the bond issuance signing ceremony in Lagos on Tuesday, the Special Adviser to the President on Energy, Olu Arowolo Verheijen, stated that the programme represents a decisive reset of the electricity market, combining debt resolution with broader financial and structural reforms.

Verheijen commended the visionary leadership of President Tinubu, as well as the support of the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Power, Adebayo Adelabu, in making the PPSDRP a reality......

Thanks Scotpak, appreciate the info.

Yes, possibly noix. The settlement date was stated as the 8th by one of the media reports (Vanguard or Punch I think) so maybe the over subscription has meant it's taken longer for some reason. Either way, it's good info from the issuing house so thanks for following that up.

Thanks noix. Punch originally reported :

'It further noted that “oversubscription may be absorbed at the discretion of the issuer up to a maximum of N1,230,000,000,000 approved for Phase 1 of this transaction. The issuer reserves the right to increase the size of the non-cash bonds to be issued to the GenCos under any Series or accommodate additional allotments as may be required.” '

so hopefully that increases the likelihood of a meaningful amount being paid.

Yes, Iannotti has sold 1.5m of his previous 6.8m holding

The settlement day is today. No information yet about whether it was over subscribed or not.

Even though the bond covers gas suppliers, Save's RNS stated that the bond 'has created renewed positive momentum in the discussions Accugas Ltd, an 80% Savannah owned subsidiary, is having with its offtakers that are Gencos around the repayment of the Company's outstanding receivables balance in an accelerated manner.' which suggests they need to receive money from the Gencos after they have been paid, so might be a while longer yet before we hear anything.

Info from ChatGPT

'The 107 million shares disclosed for Perpetual Limited effectively consolidates the holdings that were previously reported under related entities such as JO Hambro and Pendal.

Investegate

✔ Because JO Hambro is owned/controlled within the same Perpetual/Pendal group, its holdings are now being reported up the chain at the Perpetual Limited level rather than as a separate independent disclosure.'

I guess it would be clearer if Save changed their Major Shareholdings update to show Perpetual instead

Ingalls & Snyder increased by 11.7m

JO Hambro reduced by 2m

No mention of Perpetual who issued a Holding RNS yesterday for 105.8m

71m large trades were printed on the 31st so suspect they are very close to being finished now.

Sally is quick off the mark today :-)

Yes, confirmed there has been no reduction in holdings and Nipco plan to file an additional TR-1 when the balance of their secondary market purchases have completed.

I've asked Sally to clarify.

The RNS On 30th Dec stated they had reached 26.5% which tallied with the updated major shareholdings. The RNS today could have been just an interim holding announcement they made whilst on their way to the 26.5% which would have made sense, but the date on which the threshold was crossed or reached was listed as 02/01/2026, after the RNS on the 30th, hence my confusion.

Yes I know, but the RNS has a transaction date of 2nd Jan suggesting they have since reduced the position.

On 30th Dec we got an RNS stating ' NIPCO has acquired, in aggregate, a further 148,314,064 Ordinary Shares through a series of secondary market trades thereby increasing NIPCO's shareholding to approximately 26.5% of the Company's current issued share capital' coupled with an updated Major Shareholders document on the website.

The RNS this morning states NIPCO as holding only 21.4% as of 02/01/2026 which suggests they have sold about 5%.

Unless I am missing something obvious?

Interesting article from Business Day.

A few snippets - read the article for full details

https://businessday.ng/energy/power/article/power-firms-turning-page-on-debt-as-fg-clears-arrears-sahara/

Kola Adesina, the Group Managing Director of Sahara Power Group, has said Nigeria’s power sector is entering a more stable and investable phase, driven by Federal Government reforms and the gradual resolution of legacy debts that have long constrained growth across the electricity value chain.

Adesina, during an interview, pointed out that recent infrastructure and macroeconomic policies under President Bola Tinubu had introduced a level of clarity and predictability that is reshaping investment decisions in the sector.

He noted that the Administration’s approach had helped address structural bottlenecks that previously undermined investor confidence.

Besides, Adesina disclosed that Sahara Power had already settled $438 million, about 73% of its original $600 million loan obligation, despite long standing liquidity challenges in the industry.

According to him, the Federal Government’s ongoing legacy debt settlement programme is critical to easing pressure on power companies, gas suppliers and lenders, while creating room for new capital inflows.

He explained that improved policy coordination, relative exchange rate stability, easing inflationary pressures and moderated interest rates are allowing power sector operators to plan with greater conviction.

Adesina added that the developments, combined with closer collaboration among government agencies, regulators, financiers and industry players, are laying the foundation for sustained growth and operational stability in Nigeria’s electricity market.

Sahara Power is Nigeria’s foremost power company, responsible for about 19 per cent of total power generated in the nation. Its subsidiaries include Egbin Power Plc, the largest thermal power plant in sub Saharan Africa, First Independent Power Limited, a leading generating company in the Niger Delta, and Ikeja Electric, the largest privately run distribution company in sub-Saharan Africa.

Adesina disclosed that Sahara Power had undertaken extensive scenario planning and aligned its strategic objectives with what he described as the president’s bold, clear-sighted and long-term oriented infrastructure plan. According to him, the administration has shown uncommon resolve in tackling structural bottlenecks that have historically constrained investment, particularly in the energy value chain.

Nipco even :-)

Transactions totalling 71m shares have just popped up so would guess that's Nipo.

'Investors interested in the Federal Government offer to boost liquidity in the power sector have less than nine days to subscribe to the N590bn Series 1 Power Sector Bond issued by NBET Finance Company Plc, with the offer scheduled to close on December 30, 2025, The PUNCH reports. '

'The price range has been set between 16.75 per cent and 17.00 per cent, while the minimum subscription is N5m, with additional investments in multiples of N1m. The bonds will be listed on the Nigerian Exchange Limited and/or FMDQ Securities Exchange Limited, with an indicative settlement date of January 8, 2026.'

https://punchng.com/n590bn-power-bond-deadline-looms-for-investors/